CCT to raise $86m

CCT Telecom Holdings is to issue convertible bonds to raise $86.4 million for general working capital. The initial conversion price of 36 cents a share represents a discount of about 11.9 per cent to the average close for the past five trading days and 6.49 per cent to the April 2 close.

If all bonds are converted into shares before the expiry date in April 1999, the company will issue 240 million shares, which will account for 14.81 per cent of the enlarged share capital.

Trading in the shares and warrants, suspended since Thursday, will resume today.